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La transparence de la politique monétaire et la dynamique des marchés financiers

  • Meixing DAI
  • Moïse SIDIROPOULOS
  • Eleftherios SPYROMITROS

Cet article étudie les implications, en termes de stabilité économique, de la relation entre le degré d’indépendance de la Banque centrale et le degré de transparence (ou d’opacité) de la politique monétaire dans un modèle qui tient explicitement compte des marchés financiers et ainsi de la dynamique jointe de l’inflation et des cours boursiers. Nous montrerons que l’opacité sur les préférences de la Banque centrale exerce une influence négative sur la stabilité. Cette influence négative pourrait être modérée ou compensée par les effets d’un écart positif entre le poids relatif perçu par le public et le vrai poids que la Banque centrale attribue à l’objectif d’output. Par ailleurs, un marché du travail peu flexible, une demande de biens peu sensible au taux d’intérêt réel, ou encore une vitesse de circulation de la monnaie et une élasticité - intérêt de la demande de monnaie élevées exigent une plus grande transparence pour assurer la stabilité de l’économie.

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Paper provided by Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg in its series Working Papers of BETA with number 2007-19.

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Date of creation: 2007
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Handle: RePEc:ulp:sbbeta:2007-19
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